Developers Seek Financing for Minnesota Copper-Nickel Mine

HOYT LAKES, Minn. (AP) - Developers of a proposed copper-nickel mine in northern Minnesota are courting bankers for $950 million in financing, even as environmental groups push back against the project over water pollution fears.

Minnesota's legislative auditor recently announced an investigation into state regulators' handling of a water quality permit for the mine. It comes a month after the state's appeals court ruled in PolyMet's favor in a challenge from environmental groups.

Cherry says global mining giant Glencore's ownership in the project will partly determine how it's financed. The Switzerland-based company holds a 29% equity stake in PolyMet, but the amount may grow.